GOLD LONG MACRO FALLING FLAG

7 Jan 2021

Here we can see that after an initial break out of the falling flag proceeded by the formation of a hammer on the daily just beneath the channel gold has come back to retest the area. Support around the 1900 mark could be a catalyst for uptrend continuation. A daily close above the channel could see the start of a big move. S/L will be defined by a rebound from the 1900/channel area TARGET area will be a retest of the resistance in the upper areas of the flag, with a possible revisit to highs. I will take multiple positions to allow for macro continuations to be longer term runners as we may establish a base above 2K in the longer term. If we ever needed a catalyst to make the move happen there is PLENTY of them in the world at this time. Peace to fellow traders.